MNB Reports $ 1Q Loss, New Agreement with Regulator

Metropolitan National Bank of Little Rock reported a $1.04 million first-quarter loss in a Wednesday press release.

That’s an improvement over the $4.05 million loss it reported during the same quarter last year. MNB improved its capital ratios, and said it has reduced non-performing assets by 30 percent for the year.

MNB also said it’s under a new consent order with the Office of Comptroller of the Currency, its primary federal regulator.

President and CEO Lunsford Bridges called the order “an outline to assist the bank as it continues to recover from the effects of the economic downturn that has impacted our communities and customers” in the release.

Also according to the release, the order replaces the formal order MNB has been under for the past four years. The new order contains five articles for improvement, while the formal agreement listed seven.

“I can confidently say that Metropolitan National Bank is in better condition today than at any point since we entered the Formal Agreement four years ago,” Bridges said.